Lodgment of returns and statements for the year ended 30 June 2002 - Income Tax
LODGMENT OF VENTURE CAPITAL DEFICIT TAX LODGMENT OF VENTURE CAPITAL DEFICIT TAX RETURNS
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LODGMENT OF VENTURE CAPITAL DEFICIT TAX RETURNS
Pooled Development Funds (PDF) for the purposes of the ITAA 1936, which have a deficit balance in the PDF’s venture capital sub-account at the end of the 2001/2002 franking year and are required to pay venture capital deficit tax, are required to lodge a venture capital deficit tax return for that franking year.
PDF’s which have a nil or surplus balance in the venture capital sub-account at the close of the franking year are not required to lodge a venture capital deficit tax return.
DATE OF LODGMENT OF VENTURE CAPITAL DEFICIT TAX RETURN
The venture capital franking deficit tax return must be lodged in the approved form by the last day of the month following the end of the franking year. (This is also the date on which the venture capital deficit tax is payable.)
Note: For the purposes of working out the PDF's liability for venture capital deficit tax, a refund of income tax (in relation to the PDF's taxable income for the year of income) that is received within 6 months after the end of the franking year (that ends in or at the same time as the year of income) is taken to have been received on the last day of the franking year.
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